- Prelios S.p.A. sells Hamburg-based retail real estate specialist to Girlan Limited, a London-based private equity partnership owned by Swiss entrepreneur Paolo Francesco Calmetta
- Strategically important units Repositioning / Transformation, Asset Management, Property Management and Centre Management to be expanded
- Real estate assets managed on behalf of private and institutional owners currently total c. 2 billion euros in value and about 1 million square metres in lettable area
Hamburg, 21 April 2020. Prelios Immobilien Management, a Hamburg-based company specialising in retail real estate, was sold to Girlan Limited and its name changed to Girlan Immobilien Management, effective immediately. The previous owner, Prelios S.p.A. in Milan, divested itself of all shares in order to focus more closely on its Italy business in future. The day-to-day business involving the existing mandates and the present spectrum of deliverables will be continued as is. Currently under management are eight shopping centres as well as 45 office schemes, commercial buildings and department stores, mixed-use properties and quarters with a combined lettable area of around one million square metres. The real estate assets under management on behalf of private and institutional owners add up to a total value of c. two billion euros. More than 4.7 billion euros worth of transactions were facilitated over the past ten years.
Paolo Francesco Calmetta, the incoming owner of the retail and commercial real estate specialist now renamed Girlan Immobilien Management, commented: “Girlan Immobilien Management is a profitable, group-independent retail specialist who brings high-skilled teams, unique know-how, long-term experience, comprehensive market expertise and an impressive track record to the table. Structural change and excess floor area in the retail sector make market specialists more important than ever – we’re aware of significantly increased demand for management and consultancy among the owners and investors in this field. With this in mind, we will keep pursuing our present approach and continue to expand the business units Repositioning, Transformation, Asset Management, Property Management and Centre Management. I look forward to our future collaboration, and would like to take the opportunity to thank the entire staff for their support.”
Martin Mörl, former Managing Director of Prelios Immobilien Management and incoming Managing Director of Girlan Immobilien Management, elaborated: “With our competent, specialised teams, we will continue our service business for retail and commercial real estate unchanged under a new name. Girlan Immobilien Management is a name that signifies continuity and a fresh start at the same time, and it goes with the times.” Mörl went on to say: “The retail trade has been, and continues to be, a particularly challenging business, especially given the current parameters. In this environment, it is of the essence to take advantage of the ongoing crisis to exploit the accelerating structural change in the best interest of our clients. Together with our new owner, we keep making an intense effort to secure values, to raise potential through transformation, to optimise revenues, as well as to develop and implement viable use concepts. Here, we will continue to provide quality and end-to-end services to all of our investors, tenants and partners.”
The spectrum of deliverables that Property Lifecycle Services offer includes every kind of service for properties or property portfolios across their entire life cycle. Girlan Immobilien Management develops and manages shopping centres, office schemes, hotels, commercial buildings, multi-story car parks and department stores as well as mixed-use properties, retail warehouse parks and urban quarters.
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